SANTA MONICA, Calif.–(BUSINESS WIRE)–BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Firm”), a enterprise improvement firm (NASDAQ: TCPC), at present introduced its monetary outcomes for the second quarter ended June 30, 2022 and filed its Type 10-Q with the U.S. Securities and Alternate Fee.

FINANCIAL HIGHLIGHTS

• Internet funding revenue for the quarter ended June 30, 2022 was $21.Three million, or $0.37 per share on a diluted foundation, which exceeded the dividend of $0.30 per share paid on June 30, 2022.

• Internet enhance/(lower) in web belongings from operations for the quarter ended June 30, 2022 was $(0.1) million, or $0.00 per share, in comparison with $12.Four million, or $0.22 per share, for the quarter ended March 31, 2022. Internet enhance in web belongings from operations for the six months ended June 30, 2022 was $12.Three million, or $0.21 per share.

• Internet asset worth per share was $13.97 at June 30, 2022 in comparison with $14.27 at March 31, 2022. The change in web asset worth quarter-over-quarter included $21.Four million, or $0.37 per share, in web realized and unrealized losses due primarily to the mark-to-market impression of wider market spreads.

• Whole acquisitions throughout the quarter ended June 30, 2022 had been $102.7 million and complete inclinations had been $82.2 million.

• The credit score high quality of our portfolio stays robust, and no non-accruals had been added throughout the second quarter. As of June 30, 2022, loans on non-accrual standing represented 0.3% of the portfolio at truthful worth and 0.5% at value.

• On July 28, 2022, pursuant to Rule 2a-5 below the 1940 Act, the Firm’s board of administrators designated the Advisor as Valuation Designee to carry out sure truthful worth features, together with performing truthful worth determinations for the Firm.

• On August 3, 2022, our board of administrators declared a 3rd quarter dividend of $0.30 per share payable on September 30, 2022 to stockholders of file as of the shut of enterprise on September 16, 2022.

“We selectively invested in a variety of compelling alternatives within the second quarter, deploying capital on favorable phrases whereas sustaining self-discipline and powerful credit score high quality,” mentioned Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “Though the financial backdrop is unsure, we capitalized on our group’s deep experience in center market lending, together with the facility of the BlackRock platform, to additional construct our various portfolio with investments in resilient and fewer cyclical companies to ship robust risk-adjusted returns for our shareholders.”

PORTFOLIO AND INVESTMENT ACTIVITY

As of June 30, 2022, our funding portfolio consisted of debt and fairness positions in 122 portfolio corporations with a complete truthful worth of roughly $1.Eight billion, 88.6% of which was senior secured debt. 74.1% of the whole portfolio was first lien. Fairness positions, which embody fairness pursuits in diversified portfolios of debt and lease belongings, represented roughly 11.2% of the portfolio. 95.0% of our debt investments had been floating charge, 89.5% of which had rate of interest flooring.

As of June 30, 2022, the weighted common annual efficient yield of our debt portfolio was roughly 9.8%⁽¹⁾ and the weighted common annual efficient yield of our complete portfolio was roughly 9.2%, in contrast with 9.1% and eight.7%, respectively, as of March 31, 2022. Debt investments in two portfolio corporations had been on non-accrual standing as of June 30, 2022, representing 0.3% of the portfolio at truthful worth and 0.5% at value.

Throughout the three months ended June 30, 2022, we invested roughly $102.7 million, primarily in 9 investments, comprised of 6 new and three present portfolio corporations. Of those investments, $100.Three million, or 97.7% of complete acquisitions, had been in senior secured loans and $0.7 million, or 0.7% of complete acquisitions had been in unsecured notes, the remaining $1.7 million, or 1.6% of complete acquisitions, was comprised primarily of fairness investments. Moreover, we obtained roughly $82.2 million in proceeds from gross sales or repayments of investments throughout the three months ended June 30, 2022. New investments throughout the quarter had a weighted common efficient yield of 8.9%. Investments we exited had a weighted common efficient yield of 8.8%. We anticipate to proceed to spend money on senior secured loans, bonds and subordinated debt, in addition to choose fairness investments, to acquire a excessive degree of present revenue, with an emphasis on principal safety.

As of June 30, 2022, complete belongings had been $1.9 billion, web belongings had been $807.Zero million and web asset worth per share was $13.97, as in comparison with $1.9 billion, $824.5 million, and $14.27 per share, respectively, as of March 31, 2022.

CONSOLIDATED RESULTS OF OPERATIONS

Whole funding revenue for the three months ended June 30, 2022 was roughly $44.Zero million, or $0.76 per share. Funding revenue for the three months ended June 30, 2022 included $0.03 per share from prepayment premiums and associated accelerated unique subject low cost and exit charge amortization, $0.04 per share from recurring unique subject low cost and exit charge amortization, $0.03 per share from curiosity revenue paid in form, and $0.05 per share of dividend revenue. This displays our coverage of recording curiosity revenue, adjusted for amortization of premiums and reductions, on an accrual foundation. Origination, structuring, closing, dedication, and related upfront charges obtained in reference to the outlay of capital are usually amortized into curiosity revenue over the lifetime of the respective debt funding.

Whole working bills for the three months ended June 30, 2022 had been roughly $22.7 million, or $0.39 per share, together with curiosity and different debt bills of $9.Four million, or $0.16 per share, and incentive compensation from web funding revenue of $4.5 million, or $0.08 per share. Excluding incentive compensation, curiosity and different debt bills, annualized second quarter bills had been 4.3% of common web belongings.

Internet funding revenue for the three months ended June 30, 2022 was roughly $21.Three million, or $0.37 per share. Internet realized losses for the three months ended June 30, 2022 had been $18.Four million, or $0.32 per share. Internet realized losses for the three months ended June 30, 2022 had been primarily pushed by a $13.Eight million loss from the restructuring of our funding in Fishbowl, a $13.Three million loss from the restructuring of our funding in Avanti, partially offset by an $11.Zero million achieve from the exit of our debt funding in CORE Leisure. Internet unrealized losses for the three months ended June 30, 2022 had been $3.Zero million, or $0.05 per share. The change in web unrealized appreciation (depreciation) for the three months ended June 30, 2022 was primarily pushed by an $11.2 million reversal of beforehand acknowledged unrealized positive aspects from the disposition of our funding in CORE Leisure, $4.7 million in unrealized losses from Autoalert, in addition to total unrealized losses throughout the portfolio from widening market spreads, partially offset by $14.Eight million reversal of beforehand acknowledged unrealized losses from the restructuring of our funding in Fishbowl, $13.2 million reversal of beforehand acknowledged unrealized losses from the restructuring of our funding in Avanti and $6.7 million in unrealized positive aspects on Edmentum. Internet lower in web belongings ensuing from operations for the three months ended June 30, 2022 was $0.1 million, or $0.00 per share.

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⁽¹⁾ Weighted common annual efficient yield contains amortization of deferred debt origination and end-of-term charges and accretion of unique subject low cost, however excludes market low cost and any prepayment and make-whole charge revenue. The weighted common efficient yield on our debt portfolio excludes any debt investments which are distressed or on non-accrual standing.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2022, out there liquidity was roughly $236.9 million, comprised of roughly $187.Three million in out there capability below our leverage program, $49.Four million in money and money equivalents, and $0.2 million in web excellent settlements of investments offered.

The mixed weighted-average rate of interest on debt excellent at June 30, 2022 was 3.19%.

Whole debt excellent at June 30, 2022 was as follows:

On July 28, 2022, our board of administrators re-approved our inventory repurchase plan to amass as much as $50.Zero million within the mixture of our frequent inventory at costs at sure thresholds beneath our web asset worth per share, in accordance with the rules laid out in Rule 10b-18 and Rule 10b5-1 of the Securities Alternate Act of 1934. Throughout the three months ended June 30, 2022, no shares had been repurchased.

RECENT DEVELOPMENTS

On August 3, 2022, our board of administrators declared a 3rd quarter dividend of $0.30 per share payable on September 30, 2022 to stockholders of file as of the shut of enterprise on September 16, 2022.

CONFERENCE CALL AND WEBCAST

BlackRock TCP Capital Corp. will host a convention name on Wednesday, August 3, 2022 at 1:00 p.m. Japanese Time (10:00 a.m. Pacific Time) to debate its monetary outcomes. All events are invited to take part within the convention name by dialing (844) 200-6205; worldwide callers ought to dial (929) 526-1599. All members ought to reference the entry code 211791. For a slide presentation that we intend to consult with on the earnings convention name, please go to the Investor Relations part of our web site (www.tcpcapital.com) and click on on the Second Quarter 2022 Investor Presentation below Occasions and Shows. The convention name can be webcast concurrently within the investor relations part of our web site at http://traders.tcpcapital.com/. An archived replay of the decision can be out there roughly two hours after the stay name, by means of August 10, 2022. For the replay, please go to https://traders.tcpcapital.com/events-and-presentations or dial (866) 813-9403. For worldwide replay, please dial (929) 458-6194. For all replays, please reference entry code 302835.

ABOUT BLACKROCK TCP CAPITAL CORP.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance firm centered on direct lending to middle-market corporations in addition to small companies. TCPC lends primarily to corporations with established market positions, robust regional or nationwide operations, differentiated services and products and sustainable aggressive benefits, investing throughout industries by which it has important information and experience. TCPC’s funding goal is to attain excessive complete returns by means of present revenue and capital appreciation, with an emphasis on principal safety. TCPC is a publicly-traded enterprise improvement firm, or BDC, regulated below the Funding Firm Act of 1940 and is externally managed by its advisor, a wholly-owned, oblique subsidiary of BlackRock, Inc. For extra info, go to www.tcpcapital.com.

FORWARD-LOOKING STATEMENTS

Potential traders contemplating an funding in BlackRock TCP Capital Corp. ought to contemplate the funding aims, dangers and bills of the corporate rigorously earlier than investing. This info and different details about the corporate can be found within the firm’s filings with the Securities and Alternate Fee (“SEC”). Copies can be found on the SEC’s web site at www.sec.gov and the corporate’s web site at www.tcpcapital.com. Potential traders ought to learn these supplies rigorously earlier than investing.

This press launch might comprise forward-looking statements throughout the which means of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements are primarily based on estimates, projections, beliefs and assumptions of administration of the corporate on the time of such statements and usually are not ensures of future efficiency. Ahead-looking statements contain dangers and uncertainties in predicting future outcomes and situations. Precise outcomes might differ materially from these projected in these forward-looking statements attributable to a wide range of elements, together with, with out limitation, modifications typically financial situations or modifications within the situations of the industries by which the corporate makes investments, dangers related to the provision and phrases of financing, modifications in rates of interest, availability of transactions, and regulatory modifications. Sure elements that might trigger precise outcomes to vary materially from these contained within the forward-looking statements are included within the “Threat Components” part of the corporate’s Type 10-Okay for the yr ended December 31, 2021, and the corporate’s subsequent periodic filings with the SEC. Copies can be found on the SEC’s web site at www.sec.gov and the corporate’s web site at www.tcpcapital.com. Ahead-looking statements are made as of the date of this press launch and are topic to vary with out discover. The corporate has no obligation and doesn’t undertake any obligation to replace or revise any forward-looking statements primarily based on the prevalence of future occasions, the receipt of latest info, or in any other case.